Great news for Localbitcoins users,incoming fee increased to 0.00096 BTC

dothebeats

legendary

Activity: 3542

Merit: 1352

Excel is fun

Quote from: squatter on November 04, 2017, 02:59:53 AM

It's unfortunate, especially the timing of it as we approach the fork. It helps feed the narrative that 2x is necessary.

I honestly think that this change was to actually stress out S2X is needed to make cheap and fast payments great again (lol). Sometimes in this industry, some services are being paid to push some agenda subliminally (like in this example, LBC) making it look like something needs to be done and a certain move should be done. Sure enough they are constantly receiving great fees from the trades done in their platform and there's no need to have a constant 0.00096 btc fee for everything since the fees are declining depending on the time of the day. Whatever floats their boats, I guess.

Quote from: jackhdt on November 04, 2017, 09:17:53 AM

This is a sad news to me
I need to find a new Bitcoin wallet, anyone have any good ideas? I'm thinking of using wallet of Poloniex

For a hot wallet? Better use blockchain.info but only keep a small amount in there.

jackhdt

sr. member

Activity: 476

Merit: 256

This is a sad news to me
I need to find a new Bitcoin wallet, anyone have any good ideas? I'm thinking of using wallet of Poloniex

SainagBurra

jr. member

Activity: 55

Merit: 10

This is unfortunate.I have been using local bitcoins for the past one month. I have to find another way to cash out my BTC now.

pat4cryptoreal

full member

Activity: 630

Merit: 102

I want to get the information right. If I recieve I will get fee added to my account or deducted from my account. I want to know why it call great news.

Iranus

hero member

Activity: 1778

Merit: 534

Leading Crypto Sports Betting & Casino Platform

Quote from: CryptosapienZA on November 04, 2017, 06:06:59 AM

What is there to celebrate about these news?

What are you, some kind of moron? This is the most obviously sarcastic post I've seen in my life.

It seems that LocalBitcoins is assuming that their users want to have their transactions confirmed as quickly as possible, which is why they're setting such high incoming fees.

I'm actually in favour of incoming fees in the right circumstances, because when you're dealing with a third party they're a useful way to prevent people from pushing up the services' fees when sending the coins out again, but the incoming fees should not be one uniform amount for everyone.

It would make more sense for LocalBitcoins to implement some kind of priority setting in your account in which both your incoming and outgoing fees are reduced. Then they could group together a collection of low-priority transactions to stay professional with their users and allow people who want to trade smaller amounts to continue using LocalBitcoins.

buwaytress

legendary

Activity: 2758

Merit: 3408

Join the world-leading crypto sportsbook NOW!

For those who aren't aware, Localbitcoins has implemented this policy, levying a deposit fee since July or August as I recall. And the amount is not fixed, it rises as the network becomes more congested. I have already paid well over 100,000 satoshi on incoming deposits in the past, but the last time I used it this week, this was around 39,000. So it isn't an increase from 40k to 96k, the current rate is just reflective of the network.

My criticisms:
1. No other service charges a deposit fee. We already pay tx fees and you are punishing users for using the service. Sellers like myself are the ones who bear these high fees. So LBC charges twice: on deposits and withdrawals.
2. The adjustments are lagging behind the network. When it becomes congested fees rise, but they don't seem to come down much or quickly when the network clears.

All the same, I understand the reasons. They want to discourage people making multiple dust deposits, which lead to many inputs for them and higher cost of sending BTC out. But they can easily fix this by setting a higher minimum deposit.

Not good news, but I still like the service, so I can "accept" this.

penig

member

Activity: 266

Merit: 13

I assume some sarcasm there. Thats a $6.88 fee right now, for transactions that some people still say are free Roll Eyes

CryptosapienZA

full member

Activity: 378

Merit: 101

I'm sorry, I might be having a blonde moment here. What is there to celebrate about these news? I use local bitcoins and I always advise newcomers to start there as it is convenient. But how is paying a higher fee for incoming transaction a cause for celebration? Or you were being sarcastic? If you did, I missed that part.

ladydark

hero member

Activity: 686

Merit: 500

Yes.Now i have to search for some other options to turn my bitcoins in to cash here after.

Must say quickly good bye to localbitcoins.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: ladydark on November 04, 2017, 02:35:14 AM

Its really a great news for localbitcoins users.

The incoming fee has been increased from 0.0004 btc to 0.00096 btc for whatever amount you send above 0.0009 btc.

That's really a great progress.

It's unfortunate, especially the timing of it as we approach the fork. It helps feed the narrative that 2x is necessary. There's no way around the fact that network spam is really bad right now. I've never seen this kind of sustained spam on the network. They have done it for many days now and presumably won't stop until after the fork. And they are creating bottlenecks at different fee rates: this is a very calculated move, not just a barrage of random network transactions.

I feel your pain.....when possible, do cash transactions and avoid necessitating deposit to Localbitcoins at all.

wdelius

member

Activity: 308

Merit: 10

Open and Transparent Science Powered By Blockchain

Ya I don't see the positive in that, though I'm not a big user of Localbitcoins. Maybe I should be.

no0dlepunk

sr. member

Activity: 490

Merit: 258

Seriously? I don't get the great news honestly.Does this mean that I will get a fee everytime I receive bitcoins?

ladydark

hero member

Activity: 686

Merit: 500

Its really a great news for localbitcoins users.

The incoming fee has been increased from 0.0004 btc to 0.00096 btc for whatever amount you send above 0.0009 btc.

That's really a great progress.

Topic: Great news for Localbitcoins users,incoming fee increased to 0.00096 BTC (Read 278 times)